Stephen Miran on Activist Treasury Issuance and the Monetary Policy Implications of a Second Trump Term
Macro Musings with David Beckworth
Release Date: 09/02/2024
Macro Musings with David Beckworth
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On this special greatest hits compilation episode our host David Beckworth primes listeners for the Fed Framework Review by highlighting the best snippets from past shows discussing nominal GDP targeting. This episode includes Mary Daly’s thoughts on NGDP targeting, Evan Koenig on the basics of NGDP targeting, George Selgin on Powell’s hesitations with NGDP targeting and how it responds to supply shocks, Jim Bullard on the financial stability of NGDP targeting, Eric Sims on the New Keynesian argument for NGDP targeting, Carola Binder on the benefits of NGDP targeting, Charlie Evans on the...
info_outlineStephen Miran is a former senior advisor to the US Treasury Department, a senior strategist at Hudson Bay Capital, and a fellow at the Manhattan Institute. Stephen is also a returning guest to the podcast, and he rejoins David on Macro Musings to talk about his recent paper with Nouriel Roubini titled, *Activist Treasury Issuance and the Tug-of-War Over Monetary Policy,* as well as his thoughts on what a second Trump presidential term would mean for the Fed and financial markets.
Transcript for this week’s episode.
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Stephen’s Manhattan Institute profile
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Related Links:
*ATI: Activist Treasury Issuance and the Tug-of-War Over Monetary Policy* by Stephen Miran and Nouriel Roubini
*Trump Wants a Weaker Dollar But Wall Street Doubts He’ll Get One* by Saleha Mohsin and Carter Johnson
*Trump Allies Draw Up Plans to Blunt Fed’s Independence* by Andrew Restuccia, Nick Timiraos, and Alex Leary
Timestamps:
(00:00:00) – Intro
(00:01:49) – Breaking Down *Activist Treasury Issuance and the Tug-of-War Over Monetary Policy*
(00:21:33) – Responding to Criticism from Janet Yellen and Others
(00:28:21) – Addressing Trump’s Push for a Weaker Dollar
(00:38:24) – Can We Weaken the Dollar While Still Ensuring Its Use?
(00:43:07) – What a Second Trump Term Would Mean for Fed Independence and Crypto
(00:49:19) – Outro